Berkshire in November 2009 agreed to buy Burlington Northern Sante Fe Corp., a railroad based in Fort Worth, Texas, in a deal valued at $44 billion (including $10 billion of the railroad's outstanding debt). This was Berkshire's largest-ever acquisition. The deal closed on Feb. 12, 2010. Berkshire said in its 10-K for the year ended December 2009: "Berkshire’s operating businesses are managed on an unusually decentralized basis. There are essentially no centralized or integrated business functions (such as sales, marketing, purchasing, legal or human resources) and there is minimal involvement by Berkshire’s corporate headquarters in the day-to-day business activities of the operating businesses. Berkshire’s corporate office management participates in and is ultimately responsible for significant capital allocation decisions, investment activities and the selection of the chief executive to head each of the operating businesses."

Berkshire in March 2008 paid $4.5 billion for a 60% interest in the Pritzker family's Marmon Holdings, an industrial group that operated 130 manufacturing and service businesses across 11 diverse business sectors. Berkshire raised its stake in second-quarter 2008 to 63.6%. Under the terms of the purchase agreement, Berkshire will buy the remaining minority interests in Marmon between 2011 and 2014 for a price to be based on earnings of Marmon.

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